Equistone will take a majority stake in the Warrington-based business while Palatine – which first backed WHP in 2015 – will co-invest for a minority stake alongside Equistone and a management team led by chief exec Rob Potter.

WHP Telecoms provides services covering the design, acquisition, deployment and maintenance of mobile network masts, antennae and stations for all the UK’s major mobile operators.

It employs more than 440 people across its Warrington HQ and bases in Leeds, Glasgow, Birmingham and Heathrow.

Since an initial investment from Palatine back in 2015, WHP Telecoms has grown its turnover from €34m (£30m) to a forecast for the current year of nearly €86m (£75m).